Matthew DeBord/BI
- Tesla announced last week that a $35,000 version of the Model 3 is now available.
- Millennials have been scooping up shares since the announcement, according to data provided by the free trading app Robinhood.
- Watch Tesla trade live.
Millennials have been snapping up Tesla shares after the electric-car maker last week announced that a $35,000 Model 3 is now available. Alongside the announcement, the company also said that it will be shuttering all of its stores and begin selling the company’s cars through online sales only.
Shares drop sharply, and were still down about 12% from where they were trading before CEO Elon Musk’s conference call.
But at least some bold investors have stepped up their interest in the company amid the stock’s decline. Users of the free trading app Robinhood, which is popular among younger traders, increased their holdings of Tesla by nearly 20% over the past week.
Now, 119,731 accounts hold Tesla shares, with the stock climbing five spots in the rankings 16th place, just behind Amazon. Aurora Cannabis holds the top spot with more than 320,000 users owning shares.
Looking ahead, Tesla investors will be on the lookout for the unveiling of the Model Y, a mid-size SUV based on the Model 3, which Musk said is slated for March 14.
Tesla shares were down about 15% so far this year.
Markets Insider
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Source: Business Insider – areddy@businessinsider.com (Arjun Reddy)